Mausam Bhatt Chief Product and Technology Officer | realtors.com
If you’ve been waiting to purchase a home, the end of 2024 might be the opportunity you've been looking for. The real estate market, characterized by rising home prices and limited housing stock in recent years, is showing signs of becoming more favorable for buyers.
Hannah Jones, a senior economic research analyst at Realtor.com®, notes that there is currently "the longest stint of four-plus months of supply in five years." This increase in housing inventory provides potential buyers with more options than they have had since 2019. New listings have increased by 4.9% from the previous year.
Bruce Ailion from Re/Max Town & Country in Atlanta states that "those days are over" when buyers faced limited choices and had to make compromises. With more homes on the market, Mike Wall, CEO of eXp Realty/EZ Sell Homebuyers, emphasizes that "more homes on the market mean more choices," allowing buyers to find properties that meet their specific criteria without exceeding their budgets.
The increase in housing stock has also led to a rise in price reductions. Ralph McLaughlin, a senior economist at Realtor.com, reports that "the percentage of homes with price reductions was 18.6%," indicating sellers' need to stay competitive in a crowded market. Mike Wall shares an example where his client purchased a home below asking price after observing two price cuts.
According to Jiayi Xu, an economist at Realtor.com, this is now "the slowest seasonal market in five years," giving buyers more time to make decisions as homes spent an average of 58 days on the market in October.
Andrew Fortune from Great Colorado Homes highlights how current conditions allow for thorough inspections and negotiations without pressure. Although it’s not yet considered a true buyer's market, Hannah Jones suggests that the current balance means "buyers are in a better position than they have been in years."
Mike Wall advises those who have been waiting on the sidelines: "now might be the perfect time to make a move."
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